Your Sales Strategy To Increase Revenue
Do you currently have a proven strategy in place that helps you increase your sales? Or do you feel lost and confused as to what you should be doing? Luckily in this blog post, we discuss how you can create strategies that will allow you to grow your sales!
The first step is to have a forecast and know where you’re going. You want to have an annual sales forecast on hand. This can either be done using a “top-down” approach (e.g. I will make 100k in revenue this year), or a “bottoms-up” approach (e.g. I think I can make $X in sales every day).
With regards to the bottoms-up approach, we always tell our clients at Recloseted to take a deep dive into their current website traffic, average transaction rate and average conversion rate. This allows them to understand how many units are being sold and the revenue that they’re bringing in. It’s a little difficult to explain over a blog but our clients are given this spreadsheet that they can use to easily plug in those numbers. And we totally get it, this might all sound really intimidating or confusing right now.
Now, once you’ve established a forecast, goals to strive toward and you know where you’re going next, you need to monitor where you’re currently at and any potential gaps that you might have in your business. To close the gap, we recommend you have both a standard sales strategy and emergency levers.
To start off, standard sales strategies could look like consistently monitoring your sales, website traffic, etc. and testing out new things to see what you can tweak and improve going forward. You can use organic marketing levers (e.g. social media, emails, events, etc.) and paid marketing levers (e.g. ads, influencers, press, affiliates, etc.) to help you increase sales and brand awareness. But make sure that you are being strategic with how much you spend on marketing and following a solid budget to work with.
When it comes to emergency levers, these are strategies that you should have handy when you need to increase your sales at a point in time. This does NOT mean discounting! You don’t want to tamper with your premium brand equity as a slow fashion brand by providing discounts on your products multiple times a year. This conditions your customers to only shop when there is a sale happening and you definitely don’t want that. Instead, try different streams of advertising or collaborating with influencers you see fit with your brand.
At the end of the day, there is no one size fits all solution to increase your sales because everyone’s product, branding, marketing strategy and budget are different. But at Recloseted, we always take inventory of our customer’s current approaches, how they’re doing, and then recommend tailored solutions. That’s what we do with our Business Consulting services and feel free to reach out if you want to work together!
